FirstBank backs 120,000-ton rice mill expansion

FirstBank backs 120,000-ton rice mill expansion

First Bank of Nigeria has affirmed its support for the expansion plans of WACOT Limited, a subsidiary of TGI Group, on doubling the capacity of its 120,000-tonne rice mill in Argungu, Kebbi state.

The Bank affirmed this as Board members, led by the Managing Director, Dr Adesola Adeduntan, paid a working visit to the rice mill

The expansion comes barely four years after the Vice President, Prof. Yemi Osinbajo commissioned WACOT’s first mill in 2017.

Speaking at the end of the site inspection by the FirstBank team, Adeduntan expressed delight with WACOT’s impressive strides and affirmed the Bank’s support for the initiative.

He said, “This aligns with FirstBank’s goal of developing the economy through sustainable employment generation”.

He added: “above supporting WACOT Rice, we’ve seen the socio-economic impact of locating this factory in this state, therefore, we are committing that we will remain a very close financial partner of WACOT Rice Limited”.

Chairman of WACOT Rice Limited, Farouk Gumel said that the expansion of the existing mill would positively impact Nigeria’s food security ambitions.

Group Managing Director of Tropical General Investments (TGI) Group, parent company of WACOT Rice, Rahul Savara assured that it would not relent in its efforts to develop Nigeria’s agricultural sector and the economy.